Accepting Risk : Is It Worth The Cost?

Weigh up the risk: a risk is the likelihood that a hazard will cause harm

Risk management or more know as risk assessments by Dimensions are about identifying risks and finding the most suitable way of making them as safe as possible for the individual service users, service user and in

Risk management is the process of prioritizing various risks to determine a the best course of action to take given set resources, importance, or abilities. Risk is determined by a simple mathematical function.

In order to mitigate and limit these specific risks, there needs to be a strategic focus on how risk could be anticipated as well as dealt with. The creation of an effective risk management plan, can be used and applied to quantify the potential risks, and find ways

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

2. OPERATIONAL RISK MANAGEMENT (ORM). Operational and Off-Duty Risk management is, in reality, a tool for making smart decisions, used by people

Project Risk Management – identifies potential risks (good and bad) that can affect the objectives of the project.

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

the same sum on a false hunch regarding an AIDS cure, he or she would

Operational Risk Management, otherwise known as ORM, is defined as a continual recurring process which includes risk assessment, risk decision making, and execution of risk controls, which results in acceptance, mitigation, or avoidance of risk. It is the oversight of operation risk, which is a risk arising from execution of a company’s business functions. It is a very wide concept which focuses on the risks arising from the people, systems and processes through which a company operates. It also includes other categories like fraud risks, legal risks, physical or environmental risks. As for ORM, some include the risk of loss resulting from insufficient or failed internal processes and systems; human factors;

* Operational Risk: It includes all the major and minor processes taking place in the company. It included: trained Human Resources, strong IT Infrastructure, management and repair of equipments. The risk involved has low

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

Risk Management—Contributing to frameworks and practices for identifying, measuring, managing and reporting risks to the achievement of the objectives of the organization.

Concept of risk, risk assessment, risk management and how uncertainty affects the process will be discussed.